Petrol Hits ₦937 Per Litre In The North, See List Of States With Highest, Lowest Prices

A report from the National Bureau of Statistics (NBS) has indicated that the average retail price paid by consumers for Premium Motor Spirit (Petrol) in May 2024, increased astronomically to about ₦937 per litre in the Northern part of the country.

According to the report titled ‘Premium Motor Spirit (Petrol) Price Watch (May 2024)’, consumers in Jigawa State paid the the highest price of ₦937.50 for petrol.

This has signalled a continuous rise in the commodity since the removal of petrol subsidy by President Bola Tinubu on May 29, 2023.

The report further said the average price paid for petrol was ₦769.62, indicating a 223.21 per cent increase compared to the value recorded in May 2023 (N238.11).

Likewise, comparing the average price value with the previous month (i.e. April 2024), the average retail price increased by 9.75 per cent from ₦701.24.

Below are states with the highest petrol prices in May.

Jigawa – ₦937.50

Ondo –  ₦882.67

Benue – ₦882.22

States with the lowest prices are listed below, 

Lagos – ₦636.80

Niger – ₦642.16

Kwara – ₦645.15

Lastly, on the Zonal profile, the North-West Zone had the highest average retail price of ₦845.26, while the North Central Zone had the lowest price of ₦695.04.

The NBS’s latest release on pump prices heading towards ₦1,000 per litre in the North, comes on the heels of the Nigerian National Petroleum Company Limited (NNPCL), saying that it would not increase petrol prices in its retail outlets across the country.

The company currently sells at around ₦568 per litre at its retail outlets, from around ₦238 as of May 2023, according to NBS.